WELSH FAMILY TRUST TRUSTEES’ REPORT and ACCOUNTS
For the year to Sth April 2025
A/ a] - i / WELSHVV ™” FAMILY" F ry rrTRUSTT ~
[rustees’ Annual Report and Accounts for the year ended 5® April 2025
Scottish Charity Number: $C033282
Principal address
Current trustees
Governing document
[he Welsh Family Trust ts a charitable Trust whose Declaration of Trust was signed on 28” June 2002 and was registered at Edinburgh in the Books of the Lords of Council and Session on 8® July 2002 theeatMary PL. aeWelsh executry =es:and the William E. Welsh [rust Estate transferred from
Appointment of Trustees
(he Trustees are as stated in the Declaration of Trust and amended in the Deed of Assumption and Resignation registered in the Registers of Scotland on 14 Dec 2005
Charitable purposes
lhe Trust Deed states that the Trustees hold the Trust Estate and the income thereof for ‘charitable purposes’ within the context of Sections 505 and 506 of the Income and Corporation Taxes Act 1988 as amended from time to time or any subsequent re-enactment thereof. Without prejudicing the forgoing generality and without restricting the Trustees the deed gives as a guide that this be for the purposes of Youth Development, Education and Advancement either individually or within groups locally or nationally within Scotland; Mental Health, Local, National and International Aid or Appeals or support for Social, Cultural, Historical and Antiquarian projects and appeals either locally or nationally within Scotland
Funds distributed
During the year the Trust has distributed £23,500 as follows £1,000 to Ruthven Music £300 to Cooper Park Bowling Club £5.01 to the Archie Foundation #5000 to NTS |} ootpath ‘ ppea
SL LL TN Scottish Charity Number; $C033282 rage
£5,000
£5,000 to Moray Society £5,000 to British Heart Foundation £1,000 to Lossiemouth Friends of Guiding £1,000 to Friends of Buckie Guiding
Trustee remuneration and expenses
The trustees did not receive any remuneration or expenses during the year
Reserves
lhe Expendable Endowment consists of shares valued at £786,838 and £76,533 in bank accounts
At the close the balance in the unrestricted funds available for distribution was just over £8,500
The Expendable Endowment generates the income that the trustees are able to distribute though the trust deed does allow the trustees at their discretion to distribute some or all ofthe Expendable Endowment for chantable purposes
'hroughout the year the trustees consider requests for help and also distribute to other worthy causes within the guidelines ofthe Trust Deed. The trustees” plan that there will be reserves available for distribution when required but the amount available at any time will vary depending on requests for funding already granted
The accounts for the year to 5“ April 2025 are attached, and form part ofthis report
lhis7 report was approved by the Trustees7 on . |i> 4 ct. Dy ke eve?IAF
Approved by the Trustees and signed on their behalf.
rustee Date te“ /' ve //? 3
ana nS Scottish Charity Number; $C033282 Page 2
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ScOs2k2- WEL Shi PeMey Test
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RECEIPT AND PAYMENTS ACCOUNT ‘tor the year ended STH APRE 2525 Yeor Your to
coca 2s Qemaze
Urresincted Furcs
SEcn215
LEGACIES € 000 £ 0.00
RECEPTS FROM INVESTWENTS
DrvDENDS 27H wom
INVESTEC DEPOSIT INTEREST 4a.7 622.51
THORNTONS INTEREST 407
SHIPTON 60 DAY NOTICE ACCOUNT 835.14 578.13
INLAND REVENVE - TAX REFUND O00 990
ROYAL BANK OF SCOTLAND buminess instant access reserve (interest) 167 54 169.00
TOTAL SECEPTS tA. €_____ii44182
PAYMENTS
INVESTMENT MANAGEMENT COSTS
PORTFOLIO MANAGEMENT FEE - INVESTEC 145636 6.506.292
FX CHARGE 34
LE! charge (inctuding VAT) aco ooo
TOTAL INVESTMENT MANAGEMENT COSTS é 1864.77 £ 6.596.562
GRANTS.OONATIONS TO CHARITABLE ACTIVITIES
Rutven Mae 10.0%
Cooper Pars Bowling Cub 3,000.00
NTS Footpaths Apceal! $000.00
Moray Society 5,000.00
Arche Foundatos 5000.00
Brtash Heart Founsator $000.00
Lossiemouth Friends ofGuiting 1,000.00
Frende of Gucke Guiding 1000.90
TOTAL PAYMENTS FOR CHARITABLE PURPOSES t 28,000 00 c 73,500.99
GOVERNANCE COSTS
GIFT FOR INDEPENDENT EXAMINER 35.00 so
TOTAL GOVERNANCE COSTS € 33.00 £ 35.00
TOTAL SAYMENTS i287 [a BE +3
SUE2LUS e182 [ee Be |
AD funds are unresteceed
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Page 3
S0000202- WEL Sh FAMILY TRUST
INVESTMENT CEALINGS for the year enced §TH APRIL 2028
Expendable Endowment Fund
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|---|---|---|---|---|---|---|---|---|---|
|PROSESOS|“om|SASS. SQUAUSALOS|PAYMENTS|Year|to|Year to|
|number|of|shares|Camas|maaca|
|Soreders|1529|£|5,672.18|
|Gaemeap|-|return|of capte|peoceecs|£|342.16|
|EQUIP|Invesco|European|7707|t|So35|
|COUP|Aste|7165|£|o7.43|
|EQUIP|JPMorgan|aa?|£|4304|
|EQUP|MEG|Giotal|24592|£|9322|
|CT (Lux)Gel|Corp|Bd|4nt4|Li|207|55|
|Ler|Moet Hennessy|Wulllor|6|t|3,142|84|
|EQUP Man LK|‘a7|&|4273|
|TRITAX BIG BOX REIT|12937|t|17,500 30|
|Oaitree|24|€|22,967|04|
|Belesced|Comm|Prspety|Trust|-|emaigammtor|achatment|3|6541|44|
|Ratbone|imerest|£|5691|
|fund|cash|rebate|€|028|
|Aseure|Pic|51554|&|22,06460|
|Bane|183.224|£|o'.976.40|
|int|Purte|Partner|Ord|20es6|£|73,40536|
|InTA. SAL|€_283.274.38|&__Ada|
|PURCHASESing|B56|dries reinvested|
|BAE Systers|335|3|4,485.88|
|charge|for|||stock|held|wth|extecnal|custocian|€|250|
|charge|for|1|stock|held|with|external|custosian|&|250|
|Gerrcap|- rete of capmal|proceeds|Adusiment|t¢|incor|t|M28|
|ICG|Enterprise Trust|™Mz3|‘|3.091 49|
|Woetowice|Koaithcare|Trust|se|&|26,09636|
|Aberforth|Smaller Compartes Trust|2408|€|35,962.16|
|Phoent|Fund|Services|»|Chetverton|UK|Equity|27501.93|t|28,000.00|
|trveace|Asis Dragon|Trust|7743|£|28,257|04|
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&__Ada BLES
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THORNTONS MANAGEMENT CHARGES
inveatrranage ect tee é 1,021.31
Cytoty cmarge £ 676.70
levestment managermert fee VAT £ 204.26
Fee changes Guring transfer to Thorntons
200826 . 1560.10
oR z 637
280824 ‘ sa}
120826 £ 217.57
TOTAL PUR HASES iia
TOTAL SALES LESS TOTAL PURCHASES ita
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iia alias?
ita €__i14a a 7
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ScO21252HELSH FAblLy TRUST
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STATEMENTOF BALANCES at S76 SPM 2075
BANK AND CASH IN HAND Expendane
Endowment Year to ‘Year to
Unrestricted Funds Fund 60625 mass
OPENING BALANCE id 40@eS1 & ®725072 € 3428513 z 42.173.26
SURPLUS &__§..3A22 £26.50583 30.138.85££ is27ms
CLOSING BALANCE ti... ser) 2659325€ s6oug8£ €__54.856.13
BANK & CASH BALANCES
Bark Current accourt £ ware = a
Bank Business instant Access Account £ 3,383 64 £ 23166
Burising Scaety Account £ 24,033.61 z 23,108.47
Stecktroter’s Accounts - revenve 13 150.06 z 1536.30
Stockbroker's Accounts - capita £ 54,032 73 &._.22.778.18
ta a SSE y
INVESTENTS Expendatie Endowment Fund
MARAET VALUE OF INVESTMENTSAT STH APRIL 2026
€TB6.£26.00 &SAB 375.05
OTHER ASSETS
TAX RECLAIM OVE Unrestricted Funds a sl eT
uABLTIES
a | | |
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SCO52262- Wil set Fane y Thust
Expendable Encowment Fund
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MARKET VALUE
Mo of stares Sh APRL 20265 Accrued interest
18570 UK Gov 1.625% Sy Sas 2028 17.288 7
26335 UK Gow 325%Bs 2033 24,573 St
22330 UK Gow 1.75% Str Bas 2037 16,361 s
352 shares GBP CORP ED 42.2%
35242 8462 ROYAL LONDON STERLING CREDIT 42,855
"3045 433 Aeron Gol Ir? Lod Bo inst Os 17,186
WM) 453 Aedn Smt Dur Gal inf La Be inst Os 15,267
2834) ATLANTIC MOUSE - wes GEMCAP M218
S840 GREENCOAT UK VAND PLC ‘e510
"7 NVEBCO PHYSICAL GOLD 26 441
105 ANGLO AMERICAN 3573
17 R10 TINTS 2958
32s GAE SYSTEMS 450
142 SUNZ) ORO 4273
120 LXPEIOAN a1
168 ALMA ars:
165 DIAGEO 3,119
12 UNLEVER $287
41 ASTRAZENECA 44s"
23 COMPASS GROUP $34
128 RELX PLO < 484
3eo0 VOOAFONE 2.606
267 SSé 4am
va? SBC HOLDINGS 5528
45 LONDON STOCK EXON 5.016
0 PRUOENTIAL ooh
308 SHAPFTESBURY CAPTAL CORD 4022
a) ALTO TRADER GROUP 3ats
“os SAGE GRouP 422
14978 MAN FD MGMT UK LTD 73,447
77591 98 PHOENIX FUND SERVICES - CHELVERTON UK EQUITY 24,925
2a08 ABERFORTH SMALLER COMPANIES TRUST 925
19015.581 BNY WELLON GBL INC 3
cs) ] VANGUARD PTSE ALL WLOD MiG Div R68
10822.134 M46 GBL Drv STERUNG Mite
e282 63 JPMORGAN US Eg nc es
O44 JPMORGAN(re US Research 37.58)
a6 VANGUARD S4° G00 Ucts 37,425
48868 BLACKROCK EUROPEAN DYNAMIC 12,499
377 8 INVESCO EUR Ea inc 12646
xe MORANT VeIGHT Ful YLD 12,333
1820 08 GUINNESS ASIAN EQUTY Inc Z ern
43 INVESCO ASIA DRAGON TRUST M429
2Nz7 JPMORGAN EMO MATS INC 18,516
e374 WORLOWIDE MEALTHCARE TRUST 23.411
3023 ICG ENTERPRISE TRUST PLC M.6°3
Ad funds are urrestricted Cu7BB 51000 fee
MARKET WALVEAcc im
ty.)0 88s
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LJ * on tet behal!
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- 4 ob(2s Notes to te Accounts - For the Year Ended Ssh April 2025 1 Basis of Accounting
Teese accounts have been precered on the Recepts & Paymerts bees hm accontance wth the Charttes & Trustee vertmert (Scotland) Act 2005 and the Cnarties Accounts (Scotland) Regulations 2006 (as amended) 2 Nature & Purpose of Funds Al 10s a'e UIVesicted and “ey De used al Me discredon of the Pruatees in furtherance of the ofyectwesof Pe Trust
Page 6
Office of the Scottish Charity Regulator
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Independent examiner's; b report on the accounts
Report to the trustees/ Cnarty name
Registered charity $C033282
number
On the accounts of the Period start date Period end dete
charity for the period .
Day Month Year Day Month Year
6" APRIL 2024 to 5> APRIL 2025
Set out on pages 3-6- ~umbersremenDerof TDadcitiorw!|iNOUce TesheetsPage
Respective The charity's trustees are responsible for the preparation of the accounts in accordance
responsibilities Of with the terms of the Charities and Trustee investment (Scotland) 2005 Act and the
trustees and examiner Charities Accounts (Scotland) Regulations 2006 The charity trustees consider that the
audit requirement of Regulation 10(1) (d) of the Accounts Regulations does not apply. It
iS My responsibility to examine the accounts as required under section 44/1) (c) of the
Act and to state whether particular matters have come to my attention
Basis of independent My examination is cerried out in accordance with Regulation 11 of the Charities
examiner’s statement Accounts (Scotland) Regulations 2006. An examination includes a review of the
accounting records kept by the charity and a comparison of the accounts presented
with those records. It also includes consideration of any unusual items or disclosures in
the accounts and seeks explanations from the trustees concerning any such matters
The procedures undertaken do not provide all the evidence that would be required in en
audit and, consequently, | do not express an audit opinion on the accounts
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Independent examiner's in the course of my examination, no matter has come to my attention [ethert+en+hat
Statement #66ce6edcr44e-etHeerped e ")s
1. which gives me reasonable cause to believe that in any material respect the
requirements
tO K®@D accounting records in accordance with section 44/1) (a) of the 2005 Act
and Regulation 4 of the 2006 Accounts Regulations, and
to prepare accounts whch accord with the accounting records and comply with
Regulation 9 of the 2006 Accounts Regulations
have not deen met, or
2. to which, in my opinion, attention should be drawn in order to enable a proper
understanding of tn c mic in ached
Signed: Date: 2¢/6 (202
Name:
Relevant professional
qualification(s) or body ' Member 1 201
(if any):
—Bo
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“Please delete the words in the brackets if they do not apply. If the words do apply, set out those matters which have come to your attention on the fohowing page
Disclosure section
Only complete if the examiner needs to highlight material problems.
Give here brief details of any items that the examiner wishes to disclose